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Kremlin: oil output 'freeze' negotiations should start anew

Negotiations between leading oil producers on possible production curbs, aimed at propping up weak oil prices, should broadly be restarted from scratch, a Kremlin spokesman said on Friday.

PHOTO: REUTERS

[MOSCOW] Negotiations between leading oil producers on possible production curbs, aimed at propping up weak oil prices, should broadly be restarted from scratch, a Kremlin spokesman said on Friday.

Leading global oil producers, including Russia and Saudi Arabia, failed to come to an agreement on a proposed oil output freeze in Doha last month.

"Of course, a lot should be started from the beginning after the recent failure of this process," Dmitry Peskov told reporters. "The Russian officials, particularly (Energy Minister Alexander) Novak have repeatedly stressed that the ball is not on our side but on the side of our partners," he said.

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Mr Peskov said the situation on global oil markets could be discussed, but an agreement on an oil output "freeze" should not be expected between the two countries. "It is a complex collective process," he said.